For more information on Actuarial Shared Services, read The Power of We: Using Shared Actuarial Services to Implement GASB 45 by Robert B. (Bob) Scott and Monte Mercer.
Other Post-Employment Benefit (OPEB)
Actuarial Shared Services is a coalition of Texas governments that have agreed to develop a standard approach for acquiring the actuarial services necessary to meet the requirements of Governmental Accounting Standards Board statements 43 (Financial Reporting for Post Employment Benefit Plans Other Than Pension Plans) and 45 (Accounting and Financial Reporting by Employers for Post Employment Benefits Other Than Pensions). Through a procurement process, NCTCOG selected Gabriel, Roeder, Smith & Co. (GRS) to deliver actuarial and consulting expertise on a shared services basis.
To request a quote for services, visit the NCTCOG OPEB Valuation Portal.
NCTCOG Aggregate Report - Gabriel Roeder Smith & Company, September 2010 [PDF]
Interlocal Agreement for Cooperative Purchasing for Actuarial Shared Services [Word]
Texas Municipal Retirement System
Texas Municipal Retirement System (TMRS) is in the process of transitioning actuarial methods for those cities with annually repeating updated service credits and annuity increases resulting in a substantial reduction in the funded status that cities report in their 2008 financial statements and a substantial increase in the TMRS required rate beginning January 1, 2009. To assist members in this major transition, the Government Finance Officers Association of Texas (GFOAT) has worked with NCTCOG in coordinating a joint RFP for actuarial services similar to what was done to help cities with their GASB45/OPEB implementations. Through a procurement process, NCTCOG selected Gabriel, Roeder, Smith & Co. (GRS) to deliver actuarial and consulting expertise on a shared services basis.
The purpose of the TMRS Actuarial Procurement RFP is to:
- Provide cities an independent valuation separate from TMRS that will give them the assurance that the substantial rate increases being discussed are really necessary.
- Provide city staff an actuarial resource that can help explain the difficult and complex issues involved and develop feasible options for reducing the rate impact. The actuarial resource would also be available to attend their city council meetings and meet with employee groups.
- Reduce the impact on TMRS since many cities were planning on hiring their own actuaries and this will allow TMRS a single point of contact between TMRS and those cities utilizing the joint RFP.
- Obtain a highly qualified and experienced actuarial firm at a lower cost than each city could obtain individually.
To request a quote for services, visit the NCTCOG TMRS Valuation Portal.
TMRS Presentation - February 13, 2008 [Flash]
Introducing a Shared Services Program [PDF]
TMRS Interlocal Agreement [Word]
Gabriel, Roeder, & Smith Master Agreement [Word]
TMRS Non-Disclosure Agreement [PDF]
For more information about Actuarial Shared Services, contact
Monte Mercer
Deputy Executive Director
North Central Texas Council of Governments
(817) 695-9121
Email |
